Short Sales with Key Masters

Foreclosure Alternatives: Which option is best for you?

Foreclosure alternatives were developed by both lending institutions and the government to offset losses incurred by banks during the foreclosure process. The Mortgage Bankers Association reports losses in excess of $50,000 to banks on each foreclosed home, making the foreclosure alternatives listed in this section highly sensible for them to consider.

Foreclosure and foreclosure alternatives are completely separate processes. The homeowner must initiate the foreclosure alternative process. Alternatives such as loan modifications and short sales can take months to complete and are subject to the bank’s approval. In the meantime, the foreclosure process, if initiated by the bank, continues at the same time. Therefore, it is vital that the homeowner act quickly and correctly.

Foreclosure alternatives can prevent foreclosure only when they are initiated early in the foreclosure process, the bank decides to remove any foreclosure sale date, or when the alternative is approved and completed.

Hope for the Best, Prepare for the Worst

No foreclosure alternative is guaranteed. However, as long as homeowners are proactive their chances of preventing foreclosure and taking control of their financial future drastically increases. To find out what rights and options are available to you, go to our SSAA.Org website at www.ShortSaleKeyMasters.com.

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